An exclusive contract may include a "holdover" or "protection" clause. This ensures that if the contract expires, but the buyer purchases a home the agent previously showed them within a set window (usually 30–90 days), the agent still receives their commission.
The agent cannot share the buyer’s maximum budget or motivations with sellers.
An Exclusive Right to Buy Buyer Agency Contract is a legally binding agreement between a prospective real estate purchaser and a brokerage. Unlike informal arrangements, this document creates a fiduciary relationship that fundamentally changes the dynamics of the home-buying process. ⚖️ Formalize a Fiduciary Relationship an exclusive right to buy buyer agency contract may
Even if the buyer finds the home themselves, the contracted agent is generally entitled to the commission. 📅 Set the Duration and Scope These contracts are not indefinite. They typically include:
Ensure the agent is paid if the buyer purchases a property they were introduced to during the contract term. An exclusive contract may include a "holdover" or
If a buyer finds a "For Sale By Owner" (FSBO) or visits an open house, they must notify their agent to handle the negotiations.
If the seller offers less than the agreed-upon percentage, the buyer may be responsible for the difference. An Exclusive Right to Buy Buyer Agency Contract
It may define the type of property (e.g., "single-family residential" vs. "commercial"). 🚪 Provide a Protection Period